University of Wisconsin President Ray Cross on Tuesday asked the Legislature's budget-writing committee to approve a new public authority for the UW System, a "dedicated and stable funding stream" and to reduce the governor's proposed $300 million budget cut over the next two years.

Shortly after he finished his testimony, a handful of protesters burst into the room shouting, "No cuts, no deals." Followed by four Capitol police officers, the protesters marched past the table where Cross was sitting to give testimony before the Joint Committee on Finance.

If Park Bank is liable for not spotting Sujata "Sue" Sachdeva's $34 million embezzlement from Koss Corp. and has to reimburse the company, Koss Chief Executive Michael Koss should also be ordered to personally pay the public company he runs, the bank argues in a new lawsuit.

Grant Thornton, Koss Corp.'s former auditor, should also have to pay a portion of any award that may be ordered, Park Bank argued in the latest twist in a long-running court fight stemming from Sachdeva's massive embezzlement.

"Park Bank denies any and all liability to Koss in this case," the bank said in its action. "Nevertheless, should Park Bank be found liable to Koss (Corp.) and required to pay damages to Koss, in this case, those damages will have been the result of a common liability of Park Bank, Michael Koss and Grant Thornton, thereby entitling Park Bank to (a) contribution from Michael Koss and Grant Thornton."(3)

Start-up solar seller seeks city loan for valley venue

A start-up manufacturer that plans to produce and sell solar energy panels for homes and businesses is seeking a $500,000 loan from a city-affiliated business lending agency to help finance a $7.8 million factory.

That's according to an agenda released Monday for the Milwaukee Economic Development Corp. The group's Loan and Finance Committee will consider the loan at its Tuesday meeting.

Helios expects to create 54 jobs, according to the agenda. The company's president is Steven Ostrenga.

It was announced in December that Helios was getting $1 million in federal stimulus funds aimed at developing jobs tied to renewable energy.

Supporters of those grants say investing in companies like Helios will help create jobs, while also reducing carbon emissions that contribute to climate change.

Critics say the use of such grants amounts to the federal government playing an overly intrusive and expensive role in the private market.

Here's an update: the New York Times on Tuesday published a detailed look at how the Spanish government subsidized solar energy production, and some problems that occurred. If you're interested, it's worth your time to read it.

Commercial Real Estate News

A large industrial building, located on Milwaukee's north side, has been sold to a local investment group that plans to continue redeveloping the property.

An affiliate of Phoenix Investors LLC purchased a 206,200-square-foot portion of the former Square D industrial plant, 4041 N. Richards St., for $1.45 million, the firm announced Monday. It was sold by Stag II Glendale LLC, a subsidiary of Boston-based Stag Industrial Inc., in a transaction brokered by Robert Dufek of Dufek Realty LLC and Jim Larkin of Colliers.